A BEHAVIORAL MODEL OF RATIONAL CHOICE
Abstract
Introduction, 99. — I. Some general features of rational choice, 100.— II. The essential simplifications, 103. — III. Existence and uniqueness of solutions, 111. — IV. Further comments on dynamics, 113. — V. Conclusion, 114. — Appendix, 115.
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Humans tend to make simplifying assumptions to process large volumes of information, which can lead to biased decision-making.
“This might lead to unwanted consequences such as biased decision-making, as humans tend to make simplifying assumptions to be able to process such large volumes of information (Simon, 1955).”
From Augmenting human innovation teams with artificial intelligence: Exploring transformer-based language models (2023) · cites this paper as Simon, 1955
Biased reasoning can result in quite acceptable outcomes in natural or everyday situations, especially when the time cost of reasoning is taken into account.
“Biased reasoning can result in quite acceptable outcomes in natural or everyday situations, especially when the time cost of reasoning is taken into account (Simon, 1955; Gigerenzer and Gaissmaier, 2011).”
From Human- versus Artificial Intelligence (2021) · cites this paper as Simon, 1955
The amount of cognitive information that humans can consciously process, including working memory, span or attention, is very limited.
“The amount of cognitive information that we can consciously process (our working memory, span or attention) is very limited (Simon, 1955).”
From Human- versus Artificial Intelligence (2021) · cites this paper as Simon, 1955
Disciplined risk management constitutes the primary psychological foundation: when traders pre-commit to stop-loss levels and position sizes before entry, they liberate cognitive capacity from real-time anxiety, enabling higher-quality decision-making.
“This ranking reveals that disciplined risk management constitutes the primary psychological foundation: when traders pre-commit to stop-loss levels and position sizes before entry, they liberate cognitive capacity from real-time anxiety, enabling higher-quality decision-making (Simon, 1955; Jorion, 2007).”
From The Role of Trader Psychology in Enhancing Forex Trading Profitability Through Technical Analysis, Fundamental Analysis, and Risk Management at Wijaya Trading Community Indonesia (2026) · cites this paper as Simon, 1955
Pre-commitment stop-loss and position sizing protocols liberate the trader from existential anxiety about capital safety, thereby freeing cognitive resources for analytical clarity and disciplined execution.
“Pre-commitment stop-loss and position sizing protocols liberate the trader from existential anxiety about capital safety, thereby freeing cognitive resources for analytical clarity and disciplined execution (Lo & Repin, 2023; Jorion, 2007; Simon, 1955).”
From The Role of Trader Psychology in Enhancing Forex Trading Profitability Through Technical Analysis, Fundamental Analysis, and Risk Management at Wijaya Trading Community Indonesia (2026) · cites this paper as Simon, 1955
Decision-making research has shown that relevant data may be distorted and/or ignored while decision processing is occurring.
“However, decision-making research has shown that relevant data may be distorted and/or ignored while decision processing is occurring [24,42-44].”
From Rationality versus reality: the challenges of evidence-based decision making for health policy makers (2010) · cites this paper as [44]
Decision makers, even if they have access to required information and have relevant expertise, may not engage in complex cognitive information processing when making decisions.
“However, decision-making research has shown that decision makers, even if they have access to required information and have relevant expertise, may not engage in complex cognitive information processing when making decisions [13,15,44,46-50].”
From Rationality versus reality: the challenges of evidence-based decision making for health policy makers (2010) · cites this paper as [44]
Decision-making research has demonstrated that a decision maker's utility is highly subjective and may include variables, such as personal gain, risk tolerance, relevance to related events, and value of a decision to the organization.
“Decision-making research has demonstrated that a decision maker's utility is highly subjective and may include variables, such as personal gain, risk tolerance, relevance to related events, and value of a decision to the organization [22,28,44,46,47,54].”
From Rationality versus reality: the challenges of evidence-based decision making for health policy makers (2010) · cites this paper as [44]
Cognitive processing research has identified both bounded rationality and 'satisficing' as limitations to complex cognitive processing.
“For example, cognitive processing research has identified both bounded rationality and 'satisficing' as limitations to complex cognitive processing [2,15,44,46-50].”
From Rationality versus reality: the challenges of evidence-based decision making for health policy makers (2010) · cites this paper as [44]
Despite the expectation of rationality in policy decision making, policy makers' decisions can include individual and group utility factors and be a source of bias because decision information is rooted in individual cognitive processing.
“Therefore, despite the expectation of rationality in policy decision making, policy makers' decisions can include individual and group utility factors and be a source of bias because decision information is rooted in individual cognitive processing [44-50,61].”
From Rationality versus reality: the challenges of evidence-based decision making for health policy makers (2010) · cites this paper as [44]
Cognitive shortcutting is a common occurrence that simplifies cognitive processing demands.
“The purpose of discussing information processing is to comprehend how incoming information and cognitive shortcutting are common occurrences that simplify cognitive processing demands [9,10,32,44,48,64,73].”
From Rationality versus reality: the challenges of evidence-based decision making for health policy makers (2010) · cites this paper as [44]
Many people behave like cognitive misers: they give the first response that comes to mind without thinking further.
“They behave like cognitive misers (Dawes, 1976;Simon, 1955Simon, , 1956;;Stanovich, 2009b;Taylor, 1981;Tversky & Kahneman, 1974).They give the first response that comes to mind-10 cents-without thinking further and realizing that this cannot be right.”
From The Cognitive Reflection Test as a predictor of performance on heuristics-and-biases tasks (2011) · cites this paper as Simon, 1955
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- Authors
- Simon, H. A.
- Affiliations
- Carnegie Mellon University (US)
- Corresponding author
- Simon, Herbert A.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1955-02
- Volume
- 69
- Issue
- 1
- Pages
- 99
- ISSN
- 0033-5533 (ISSN-L)
- OpenAlex
- W2148962857
- Cited by
- 15,877
- References
- 0
- Citations by year
- 2026: 983 · 2025: 862 · 2024: 721 · 2023: 734 · 2022: 704 · 2021: 797 · 2020: 757 · 2019: 824 · 2018: 676 · 2017: 701 · 2016: 622 · 2015: 611 · 2014: 667 · 2013: 620 · 2012: 642
- FWCI
- 5.16
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- The Quarterly Journal of Economics (publishedVersion)
- Aarhus University Press eBooks (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic theories and models
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic Theory and Institutions
- Keywords
- rational choice, behavioral models, decision-making, existence and uniqueness of solutions
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
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